IIPR - Innovative Industrial Properties Normalized FFO of $1.95 beats by $0.06 revenue of $70.46M beats by $1.48M

• Innovative Industrial Properties press release ( NYSE: IIPR ): Q4 Normalized FFO of $1.95 beats by $0.06 .
• Revenue of $70.46M (+19.5% Y/Y) beats by $1.48M .
• Amended IIP’s leases with Gold Flora, LLC in California, 4Front Ventures Corp. in Illinois and Holistic Industries Inc. (Holistic) in Massachusetts to provide an additional $3.5 million, $19.9 million and $2.0 million for funding of qualifying real estate infrastructure improvements at those properties, respectively, representing an aggregate of $25.4 million, with corresponding adjustments to base rent at each property.
• Sold a Pennsylvania industrial property leased to a subsidiary of Maitri Holdings, LLC for $23.5 million, excluding transaction costs (approximately $461 per square foot), recognizing a gain on sale of the property of approximately $3.6 million.
• Total quarterly fixed cash interest obligation of approximately $4.2 million.
• No secured debt.
• No debt maturities until May 2026, other than $6.4 million principal amount of 3.75% Exchangeable Senior Notes in 2024 (the Exchangeable Senior Notes).
• Debt service coverage ratio of 15.5x (calculated in accordance with the Company’s 5.50% Unsecured Senior Notes due 2026)

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